EX-12.1 6 cdw-20161231x10kxex121.htm EXHIBIT 12.1 Exhibit
EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
Years ended December 31,
(dollars in millions)
 
2012
 

2013
 

2014
 
2015
 
2016
Computation of earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and adjustment for (income) loss from equity investees
 
$
185.8

 
$
194.9

 
$
385.5

 
$
657.2

 
$
671.2

Distributed income from equity investees
 
1.2

 
1.0

 
1.1

 
1.0

 
1.1

Fixed charges
 
312.4

 
254.3

 
202.8

 
164.5

 
153.9

Total earnings
 
$
499.4

 
$
450.2

 
$
589.4

 
$
822.7

 
$
826.2

 
 
 
 
 
 
 
 
 
 
 
Computation of fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
294.4

 
$
241.8

 
$
191.3

 
$
153.5

 
$
141.8

Amortization of deferred financing costs and debt premium
 
13.6

 
8.8

 
6.4

 
6.4

 
6.5

Portion of rent expense representative of interest (1)
 
4.4

 
3.7

 
5.1

 
4.6

 
5.6

Total fixed charges
 
$
312.4

 
$
254.3

 
$
202.8

 
$
164.5

 
$
153.9

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.6

 
1.8

 
2.9

 
5.0

 
5.4


(1) 
Fixed charges include a reasonable estimation of the interest factor included in rental expense.